"As estimated by the Bank of Russia, 2022 GDP decreased by 2.5%," the regulator said in a statement, adding that the bank's "baseline scenario forecasts the growth of GDP at (-1.0)-(+1.0)% in 2023 and 0.5-2.5% in 2024."
As for 2025, GDP is expected to increase by 1.5-2.5%, the statement read.
"According to the Bank of Russia’s forecast, given the current monetary policy stance, annual inflation will come in at 5.0–7.0% in 2023 to return to 4% in 2024," the statement read.
Additionally, the regulator upgraded the forecast for the average key rate in 2023 to 7-9% from 6.5-8.5%, the bank's report said, adding that it expects it to be in the range of 6.9-9.2% from February 13 until the end of the year.